Metalloinvest Finance Designated Activity Company (IRSH)
Metalloinvest Finance Designated Activity Company: METALLOINVEST ANNOUNCES
INTERIM FINANCIAL RESULTS FOR Q3 AND 9M 2019
28-Nov-2019 / 14:51 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
METALLOINVEST ANNOUNCES INTERIM FINANCIAL RESULTS FOR Q3 AND 9M 2019
Moscow, Russia - 28 November 2019 - Metalloinvest ('the Company'), a leading
global iron ore and HBI producer, and one of the regional producers of
high-quality steel, publishes its IFRS interim financial statement
(unaudited) for the third quarter and nine months ended 30 September 2019.
Management comments
Alexey Voronov, Finance Director of Management Company Metalloinvest,
commented:
"In the third quarter of 2019 steel prices continued to demonstrate weak
dynamics, which was partially offset by the outperformance of average iron
ore prices. As a result, the Company's consolidated EBITDA for nine months
of 2019 amounted to USD 2.1 bn, largely due to a 25% increase in the mining
segment EBITDA. Due to the deep processing of iron ore products and
competitive cash costs, business profitability remains strong. The Company's
leverage remains at a comfortable level, with a Net Debt / EBITDA LTM of
1.29x at the end of the reporting period."
FINANCIAL HIGHLIGHTS
? Revenue USD 5,328 mn (-0.3% y-o-y)
? EBITDA USD 2,115 mn (-3.1%)
? EBITDA margin 39.7% vs. 40.9% in 9M 2018
? Net Income USD 1,484 mn (+19.2%)
? Net Debt USD 3,687 mn (+9.8% compared to 31 December 2018)
? Net Debt / EBITDA LTM 1.29x vs. 1.14x as of 31 December 2018
? Capital Expenditure USD 352 mn (+10.0%)
PRODUCTION HIGHLIGHTS
? Iron ore 30.1 mn tonnes (+0.2%)
? Pellets 21.2 mn tonnes (+2.2%)
? HBI/DRI 5.9 mn tonnes (+1.3%)
? Hot metal 2.1 mn tonnes (-7.0%)
? Crude steel 3.6 mn tonnes (-2.7%)
KEY CORPORATE HIGHLIGHTS IN Q3 2019
Operational developments and capital expenditure
? Coordination meeting with ChelPipe Group
? Trialling an experimental batch of briquettes from YUGPK for smelting
pig iron at Ural Steel
? Purchase of new equipment for Lebedinsky GOK (LGOK) and Mikhailovsky GOK
(MGOK)
? Start of construction of grinding ball mill at OEMK
? Modernisation of thermal power plant at Ural Steel
? Launch of the first technological phase of Derrick Fine Screening
Technology at MGOK
Financing
? Signing of a framework agreement with 12 banks for executing deals under
ECA backed financing
? Opening of a new EUR 300 mn credit line for pre-export financing (the
"PXF-2019")
? Announcement of an early repayment of Eurobonds-2020 in the principal
amount of USD 270.6 mn
Social responsibility and corporate governance
? Winning in the XVI 'Metals and Mining Enterprises with Highly Effective
CSR' competition for 2018
? Approval of Metalloinvest's Human Rights Policy and Code of Corporate
Ethics
? Joining the United Nations Global Compact international sustainability
initiative
Full press release and financial statements are available at:
http://www.metalloinvest.com/en/investors/financial-results/
# # # #
For further information, please contact:
Artem Lavrischev
Director of Investor Relations and Corporate Ratings
E: ir@metalloinvest.com
T: +7 (495) 981-55-55, ext. 7243
Anton Troshin
Head of External Corporate Communications Department
E: pr@metalloinvest.com
T: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and
supplier, and one of the regional producers of high-quality steel. The
Company has the world's second-largest measured iron ore reserve base and is
one of the lowest-cost iron ore producers.
Metalloinvest is controlled by Holding Company USM LLC. The main
beneficiaries are Alisher Usmanov (49%) and Vladimir Skoch (30%).
ISIN: XS0918297382
Category Code: MSCL
TIDM: IRSH
Sequence No.: 32100
EQS News ID: 923815
End of Announcement EQS News Service
(END) Dow Jones Newswires
November 28, 2019 06:51 ET (11:51 GMT)
© 2019 Dow Jones News
